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Makepeace94

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Nov 6, 2015
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Hello UKBF.

I hope you're well.

I'd like to be self-employed and run/own my own successful business like many other participating in these forums. I'm 23 right now, have a great job working in software sales, have a great income and great future in this industry.

However, I have the urge to start my own business and I find my self looking at these forums often looking for ideas I can start it in.... I'd even look at partnering with other wannabe business owners who are looking to bring another director on board.

What advice and recommendations do you have for me to find what industry to start a business in?
 
What industry to start... well, this is a multi million dollar question and I doubt you will find a direct answer here on this forum.

Yet, a good place to start is by thinking to what you are good at and then see if there is a market.
 
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If you don't know what niche you want to be in, well, stay where you are would be my advice!

Dropping a successful job and becoming an entrepreneur for its own sake is a dud idea, IMHO.

What you don't hear about is the number of failures successful entrepreneurs get through before they made it big. And the suffering they underwent.

And, by golly, before they did a thing they had a strong idea of what they wanted to sell!
 
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Makepeace94 said:
What advice and recommendations do you have for me to find what industry to start a business in?
Click to expand...

1. Read every book on the subject of how to start a business.

2. NEVER form a strict formal partnership with anybody - ever!

3. Get real hands-on experience at the rock-face of the industry you want to enter.
 
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You already stated that you have a great job working in software sales so for starting your own business that is the most popular and related to your field.
 
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From my personal experience I would say you are too young to go self-employed and this is not a good time to walk away from a great job. Ultimately this is your decision, but why leave a job you enjoy?
 
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You are young enough to be taken under the wing of Princes Trust. If you are lucky you will get a decent Mentor, although they do prefer you to be unemployed. Failing that, search for your local Growth Hub, it sounds like you need to talk to someone and use them as a sounding board to see if you do have what it takes. Listen to every bit of advice, but then make your own mind up - you are the expert on you.
 
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Go to University and make a business degree.

It really gives bad impression, if you are asking about the industry for YOUR business on the forum.

How can we know what are you skills, experience, knowledge, interests, etc.

Beside remember that it takes a lot of luck to create a successful business at the first try.
Most people had at least several business before they've created something that can profit at least > £100k pa.

Business degree helps you a lot, as you do not need to spend 10 years on learning ins/outs of i.e. marketing psychology, understanding the proper way of strategy implementation or product/service development. You are given on the plate very valuable knowledge without spending years on trying and loosing thousands and thousands of pounds.
 
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@Makepeace94, welcome to UKBF.

Firstly, do you have the right temperament to run your own business? It looks "easy" but it can be very difficult, pressured and stressful, especially when things aren't going well. Are you going to have the time to put into the business - it won't just be 9-5 Monday to Friday, depending on what you get into it could be 7 days a week, 12 hours a day! (Seriously!) Although you are young and enthusiastic, you could be missing out time with friends and family, etc.

I bought my business from the previous owner who no longer wanted to be self-employed. Before starting on her own she had been employed as a telesales person in another Office Supplies business. She was bringing in sales of over £30,000, but she was on just a standard salary, no bonus or commission on the sales. So, she decided she would set up on her own, then she would be fairly rewarded for all the sales she would make.

However, after a year and a half, she realised just how stressful it was, she was depressed and down most of the time, and was having constant arguments with her (romantic) partner. So, she realised finally that she hated being self employed and just wanted out of it. As soon as I bought the business and she was offered a full time role with a friend's company, she was much happier and said it was like a huge weight had been lifted from her.

So, you really need to consider the above.

However, I don't want to be completely negative. I am 47 in a few days time, and have been self-employed since I was 26 (so only 3 years older than you are now), and I have loved (almost) every minute of it. There have been highs and lows, but I have overcome them and I am also very proud to say I have an extremely supportive wife who hasn't nagged or had a go when things have been bad, but instead encouraged me to keep going.
 
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Ease your way into it.

Keep the day job and build up a little business on the side.

Go to AliBabaExpress, find some products you like, ship them over, set up a website, experiment with AdWords, experiment with FB, sell stuff on eBay, build up lists, blog, join networking groups, subscribe to marketing organisations (e.g. GKIC), read...

You can learn a lot without having too much 'skin in the game'. When you stumble across an idea that has traction then you can think about making the jump full-time.

Business degree? Pah!
 
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I think the best way of going self employed is to just go for it.
I started working for myself earning a couple of grand a year at 16-17.

Eventually I gave it up and got a job. As time went on, I started working towards becoming a ortgage broker as that is what I wanted to do. After a few years in the industry I went self employed.

Throw yourself in and you will either sink or swim. That is a pretty good way to learn if you are cut out for it or not.

Just bare in mind:
- There is no guaranteed pay cheque.
- Whatever you earn, you need to put money aside for the tax man.
- You will work long hours (if you are doing well).

I dont agree with reading books and degrees. In the 4 years your uni degree will take, you will have learnt far more doing it for real.
 
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Hello Guys.

I would like to start new business, soft toddler play area. Does anyone has a experience with this kind of business? I would like to know about all hidden cost or any permits to start with it. Do you know any website where i can find used(but refurbished) stuff like trampolines, slides etc. If someone has some experience with this please give me some advice. Thanks.
 
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TODonnell said:
If you don't know what niche you want to be in, well, stay where you are would be my advice!

Dropping a successful job and becoming an entrepreneur for its own sake is a dud idea, IMHO.

What you don't hear about is the number of failures successful entrepreneurs get through before they made it big. And the suffering they underwent.

And, by golly, before they did a thing they had a strong idea of what they wanted to sell!
Click to expand...

Give this man a medal. Someone with sane advice.
 
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If you already have "a great job working in software sales, have a great income and great future in this industry" then why not continue doing that until a good business idea occurs to you?

In the meantime, do a lot of research, read as many business books as you can and look for inspiration in places like here but also in the real world of software sales where you already have a head start - maybe you'll think of some new way of doing business that no-one else has already thought of. Or even just keep building up experience in your current business whilst working out how to do it all better.
 
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Abs786 said:
Hello,

I created my campaign on CrowdFunder. Here is the link:

crowdfunder. co. uk/

a-fair-car-insurance-company-for-all-motorists

(I have had to seperate the link due to the restrictions by the site so please join it up in your browser or search "car insurance" on CrowdFunder and I should be the top one).

I am looking for investors so please consider investing.

Do not hesitate to provide constructive criticism. I want to be better than I was yesterday.

Thank you.
Click to expand...

The only criticism is, have you thought about this properly?
 
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If you get £7000 I would be surprised let alone £7m

Have a look at other posts on crowdfunder. They are professional, they have experience in their industry and/or setting up a business. No offence, but yours reads like a college kid has written it.

Your figures are wrong...
£466 * 30million driving licenses is a £1.7 trillion market and that assumes the £466 is correct and all of the valid UK driving licenses are actually used. So £1.9tr is wrong. Thats me spending 10 minutes checking these figures you have put.

I would put money on you having been a driver for maybe 2 years and just a bit miffed at how much you are paying or you have had an accident and paying a lot.
What qualifies you to run a £100m business?
How do I know my investment is safe?
How much ar eyou investing?

I do not like pulling ideas to pieces, I had it done to me when I was starting out 5 years ago and I like to think I have proved them wrong, but what I did was realistic. What you are doing is pie in the sky.
 
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